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Mortgage rates capped their second week of significant gains by hitting the lowest levels in over three months. Friday marked an incredible 13 days spent either holding steady or moving lower in rates.

The most prevalent 30yr Fixed rate quote for top tier borrowers (best-execution) fell to 4.25% from 4.5% last week. Some lenders are close to 4.125% and several lenders remain in higher territory.

"The path of least resistance has been lower since the most recent jobs report and more significantly, since the Fed held off on reducing asset purchases last week. Since then, markets have been well-attuned to the economic data, as it might offer clues as to how those asset purchases (QE3) will proceed. That's important for rates because the steady flow of stimulus from QE3 is a key factor in the historically low rates of the past 2 years, and it was the threat that the flow would be disrupted or abated that sent rates moving so quickly higher in May. The most important clue of any given month arrives next week with the Employment Situation Report on Friday. That said, if the government shut-down actually happens, that report will be delayed."

-Matthew Graham, Chief Operating Officer, Mortgage News Daily

30 Year Fixed Rate Mortgage

Week in Review

Rates shown below are based on the 30 Year Fixed Rate Mortgage

Beginning Average:

4.45%

Ending Average:

4.28%

Weekly Change:

-0.17%

Yearly Change:

+1.12%

Friday, September 20, 2013 : 4.45% (+0.00%)

Mortgage rates held steady today, keeping them in line with the lowest levels seen since early August, and very close to the lowest levels since mid-June. There were no significant events or headlines to move financial markets and the Mortgage-Backed Securities (MBS) that dictate loan pricing had a relatively calm day.

Conforming, 30yr Fixed rates remain at 4.5% with some of the more aggressive lenders still competitively priced at lower rates (best-execution). This doesn't mean that 4.25% at one lender would be equivalent to 4.5% at another lender in terms of closing costs--simply that the 4.25% scenario may be worth looking into to see if the extra cost makes sense for you.

Mortgage rates continued lower today, bringing rates in line with the lowest levels seen during the past 4 months (officially, 6-week lows as several days have been slightly better during that time). Some lenders are now down to 4.375% for their most efficient combination of closing costs and rate (best-execution) while a majority remain at 4.5%.

Last week's big news regarding the Fed abstaining from any significant policy changes continues to benefit rates. Several speakers from the Federal Reserve shared their opinions on the topic today and the overall tone reiterated that the economy was not yet likely to make the desired progress without full-fledged stimulus. Apart from that, news was limited and market conditions were fairly quiet. This is less likely to be the case as the week progresses and the tone of the economic data should have more of an impact as well.

Mortgage rates were lower yet again, making for an astonishing 10th consecutive day without rates moving higher. In the 13 days of rate sheets since the September 6th jobs report, rates have only risen once. After only being able to claim 6-week lows yesterday, today's rate sheets are the best in at least 2 months (very close to 3 months). Conforming, 30yr Fixed rates are now down to 4.375% for most efficient combination of closing costs and rate (best-execution) though several lenders have attractive buydowns to 4.25%.

With each passing day, we have more and more confirmation that the FOMC announcement and most recent Employment Situation Report marked and confirmed at least a short term turning point for interest rates. This is the consolidation/correction that we'd been hoping for, and we're now a day or two into it.

Mortgage rates fell to new 3-Month lows today. That makes this the 11th straight day where rates have held steady or moved lower. Conforming, 30yr Fixed rates remained at 4.375% (best-execution) for most lenders with the improvements coming in the form of lower closing costs or higher lender credit. Some lenders are efficiently priced at 4.25% as well.

As we noted yesterday, the burden of proof is on the scheduled economic data when it comes to determining whether or not the Fed is likely to move back toward its previous stance on tapering. In simpler terms, if the data says the economy isn't improving enough, the Fed is justified in continuing to hold off. As long as they hold off, interest rates benefit in general. This was generally the case today as the economic data was roughly in line with expectations. Tomorrow is another chance for the same thing to happen, but be aware that if the data is stronger than expected, rates will likely move higher.

Mortgage rates were unchanged today, keeping them in line with the lowest levels in over three months. This is the 12th business day in a row where rates have either been unchanged or better. Conforming, 30yr Fixed rates remained at 4.375% (best-execution) for most lenders, though some are efficiently priced at 4.25%. Others still have attractive buydowns to4.125%, depending on your scenario and personal preference. Keep in mind that "points" are neither bad nor good--simply a choice between paying interest up front or over time. An 'attractive buydown' connotes a shorter amount of time for the total monthly payment savings to surpass the extra upfront cost required to lower the rate/payment.

Mortgage rates fell noticeably today, keeping alive an impressive streak of 13 days without higher rates. Three out of those 13 have been 'unchanged,' yesterday being one of them. There was a chance this marked a shift in the positive momentum, but financial markets were quick to get back on the 'lower rates' bandwagon when it began rolling again this morning. Conforming, 30yr Fixed rates moved down to 4.25% (best-execution) for most lenders, a level not seen since June 19th. A decent amount of lenders remain at 4.375% while others have reasonable buydowns to 4.125%, depending on your scenario and personal preference.

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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.